FX.co ★ Soft Start Expected For Singapore Stock Market

In recent developments, the Singapore stock market has been on a downward trend for two consecutive sessions, losing over 20 points or 0.6 percent in total. Currently, the Straits Times Index is holding just above the 3,215-point level, with expectations pointed towards further pressure come Monday.

Globally, the outlook for Asian markets is pessimistic due to growing doubts surrounding interest rate forecasts. A mixed performance was seen in the European markets, while the U.S. markets experienced a downturn, with Asian markets likely to follow suit.

On Friday, the STI ended slightly lower, influenced by losses from the property and industrial stocks, while financial shares showed a mixed performance. The index experienced a reduction of 10.70 points or 0.33 percent closing at 3,216.91 after fluctuating between 3,215.70 and 3,230.60.

Notable movements were seen from various stocks; CapitaLand Integrated Commercial Trust dropped by 1.54 percent, CapitaLand Investment fell by 0.37 percent, City Developments decreased by 0.69 percent, while DBS Group grew by 0.33 percent. Emperador saw a significant increase of 2.38 percent, but Hongkong Land decreased by 1.64 percent. Keppel Ltd had a slight decrease of 0.56 percent. Among others, Oversea-Chinese Banking Corporation sank by 0.65 percent while Wilmar International showed a modest growth of 0.28 percent.

Wall Street ended the week with significant losses as major indices lowered considerably on Friday and continued the downward trend throughout the day. The Dow dropped by 2.5 percent for the week, the S&P lost 1.6 percent, and the NASDAQ fell by 0.5 percent.

Further pressure on the markets came from concerns about inflation as the U.S. Labor Department revealed in March that import prices in the U.S. had risen more than predicted, thus minimizing expectations for a rate cut from the Federal Reserve in June.

Lastly, oil prices rose on Friday due to escalating tensions in the Middle East between Iran and Israel, causing concerns about the future supply. As a result, West Texas Intermediate Crude oil futures for May ended up by $0.64 at $85.66 a barrel.